Keywords: FHA; Lown-Income; Conventional; Mortgage Loans.
5 Factors That Determine if You'll Be Approved for a Mortgage
1. Your credit score
Your credit score is determined based on your past payment history and borrowing behavior. When you apply for a mortgage, checking your credit score is one of the first things most lenders do.
2. Your debt-to-income ratio
Your debt-to-income (DTI) ratio is the amount of debt you have relative to income -- including your mortgage payments.
3. Your down payment
4. Your work history
Typically, lenders want to see that you've worked for at least two years and have steady income from an employer. If you don't have an employer, you'll need to provide proof of income from another source, such as disability benefits.
5. The value and condition of the home
Finally, lenders want to make sure the home you're buying is in good condition and is worth what you're paying for it.
Of Course, If you find this a hassle, you can seek the help of professional loan brokers and professional loan companies.
Post time: Jan-20-2022